Myriad Genetics Shares Drop More Than 20% On Outlook, Earnings

Myriad Genetics Inc. shares plummeted in the extended session Tuesday after the molecular diagnostics company's earnings and outlook fell below Wall Street estimates. Myriad shares dropped 22% to $23.09 after hours. The company forecast adjusted fiscal 2017 earnings of $1 to $1.10 a share on revenue of $740 million to $760 million, and adjusted earnings of 25 cents to 27 cents a share on revenue of $168 million to $170 million for the first quarter. Analysts surveyed by FactSet had estimated $1.77 a share on revenue of $790.4 million for the year, and 42 cents a share on revenue of $191.6 million for the quarter. For the fourth quarter, Myriad reported earnings of 36 cents a share on revenue of $186.5 million, while analysts had forecast 37 cents a share on revenue of $187.7 million.